It hopes the investment would help it reaching a milestone of one million daily rides by March 2016, Jain added. The company also plans to expand services outside of 18 cities in India that now have Uber.
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Online taxi company Uber is to invest a billion dollars, 0.91 billion euros, in India in the coming nine months. UberPOOL is a ride sharing service started last August in some worldwide markets.
Amit Jain, president of Uber India, is of the opinion that India is a an extremely fertile market for Uber.
The Financial Times, which first reported the news of Uber’s planned investment in India, said it was the first time the company had set such a target for India.
Its biggest competitor in the market Ola have till now raised about $700 million, including $400 million Series E funding received in April.
In China too, Uber is expected to invest billion in 2015 to expand operations.
Meanwhile, after some hard months, things are starting to look up for Uber. Over the past three months, Uber has rapidly adapted itself to the Indian market. But a court revoked the ban this month. Since then, the government has modified regulations to say that app-based firms can be governed under radio taxi rules. China and India are its biggest priorities right now, and Uber has to fight incumbents in both of them – Didi Kuaidi in the former and Ola in the latter. Meanwhile, Uber is allowed to operate in the city.
The taxi booking service Uber has said it will invest $1bn (£0.64m) to expand its business in India. It has also made modification in its rules to accept cash payment in some Indian cities.
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Uber was forced to stop automatic credit card payments in November after RBI last year mandated that all electronic transactions that do not involve swiping of a card should have a second-factor authentication.
